|
L Torr: in compmih g time periods of lesathan six (6) days, Saturdays, Sundays and slate or national legal holidays shall be excluded. Anytime periods provided
<br />for herein wh idh shall and on a Saturday, Sunday, ora lep)rl h oliday sh all extend to 5;00 p.m ofthe nem business day. Time is of the essence in this Contras
<br />Ji Dormtrnto fortlodng Seller shall Aim ishthe deed, hill ofsale, construdion lien affidsvii, owner's possession a0idavit, assignments of leases, tenant and mor-
<br />lgagFeestoppellenenandwrrcdisevf#nrmmU.fArycr shatl famish doaingststcmmt, rrxxtgape, mnrt)ysge note, acutrity ageomenl and financing Aatements.
<br />K Eapensn: Uownhenlary startps on the deed and record'sngof corrective in struments sh all be paid by Seller. Mcumentary stamp s an d intangible tax on the pur-
<br />dnsse money mortaage and snv rmttgagr: anumed, and rmrdingofpurdhase money mortgage to Seller, decd and fin sndngstatenhcnta rhaR bepmid bythe Buyer.
<br />Unless otherwise provided bylaw or rider to this Contrad dtargesforthefollowingrelaledtitlescnias, namely title or abstract charge, title examination, and
<br />settlement and dosingfee, shall be paid by the party responsible for furnish in gthetitle evidence in sanrdincc with Paragraph V.
<br />LPmrntons;Cmdlb:Taxes,assmunenta, rent, interest, insuranceandotherespenscsoflheliropertyshallbeproratedtnroughthedaybeforedating Buyer
<br />shslihavethe option oft" gover eAstingpoliciea ofins rance, irassumable, in which cvrntpremiunwshall be prorated. Cash at dosingahall be increased or de-
<br />creaaedasmayberequvedbyprorationatobemadethrausodaypriortodosingorocunpancyifocwpanryoasnsbeforedosing Advance rent andsectritydeF.
<br />ositswill be cred Red to Buyer. Escrowdeposhs held bymortgara will be credited to Seller. Taxes shall be prorated based on the current year's tax with due allow-
<br />ance made for maximum allowable discount, homestead and other exemptions. irdosing nixurs at a date when the current year's millage is not fixed and current
<br />year's assessment is available, taxes will be prorated based upon such assessment and prior year's millage. ifcurrent year's assessment isnot available, then taxes
<br />will be prorated on prior year's tax ifthereare completed inorovementsonthe Real PropertvbyJanuorylstofycorofdosing which inprovementswere not in
<br />existence on January lit ofprioryear, then taxes shall boprorated based upon prior year's mfllapp and at an equitable nsscssmenl to be agreed upon betweenthe
<br />parties; thlntgwhidr, request shdlbemmcletothe County Property Appraiser liraninfimnalassmmitnllakinginloawninlavailableexemplions. Alaxprora-
<br />lion based on an estimate shall, at request ofeither party, be readjusted upon receipt oftnx bill on condition that a statement io that cffcd is signed at dosing
<br />hL Specht AssessmentLero: Certified, confirmed and ratified special assessment liens as of dale ofdosing(not as of Effective pate) arc to be paid by Seller.
<br />Pending liens as ofdate ofdosing shall be assumed by Buyer. Ifthe improvement hasbccnsubstantiallyeottpletedasofEffediveDate, any pendingiien shall be
<br />considered certified, con firmed or ratified and Seller shall, at dosing be charged an amount equal to the last estimate or assessrtrent for the improvement by the
<br />publicbody.
<br />N. Inspection, Repairand hfadntenanae: Seller warranlsthat, asof 10 days prior to dosing Ute ceiling roof(indudingthe fascia and soffits) and exterior and in-
<br />teriorwalls, foundation, seawalls (or equivalent) and dockage do not have any Visible Evidrnaofleaks, waterdamaseorhrudur3l damageandthatte septic
<br />tank pool, all appliances, mechanical dankhefilin& cooling electrical, plumbing sy�lentsand machinery are in Working Condition. The foregoing warranty shall
<br />belinitedto the items specified unless otherwise provided in an addendum Buyer may, at Buyer'scsnctlsc, have inspections made ofthose Kam bya firm or ind-
<br />ividual specializingin home inspedionsand holdingan occupational licenseforsuch purpose(if required) orbyan appropriately licensed Florida contractor.
<br />Buyershall, priortoBuya's occupancy ornot less than 10days prior to dosing whidheveroccurs first, report in %witingto Seller such items that do not medlhe
<br />above standards mato defects, Unless Myer timely reports such defeds, Buyer shall be deemed to h ave waived Sella's warranties as to defectsnot reported. ifte-
<br />pairs or replacemenbare required to comp lywith this Standard, Seller shall cause them to be made and shall pay up to the amount provided in Paragraph XIiI(b).
<br />Seiler is not required to nuke repairs or replacementsofa cosm eficnature unless caused by a defect Seller is responsible to repair or replace. Ifthe cost for such
<br />repair or rep laeementexceeds the amount provided in ParagraphXlli(b), Buyer or Seller may elect to pay such excess, failingwhidh either party maycanoel this
<br />Contrad. if Seller is unable to coned the defects prior to dosing the cost Ihereofshall be paid into escrow at dosing Seller shall, upon reasonable notice, provide
<br />utilities service and access to the Property for inspedionx, indudingawalk4hrough prior to dosing to confirm that all items of Personal Property are on the Real
<br />Property and, subjed to the foregoing that all required repairs and replacements have been made and that the Property, including but not limited to, Irvin, shrub-
<br />bery and pool, irany,has been maintained in the condition existing as of Effcdive pate, ordinmy wear and tear cxmptcd.
<br />U RLvkOfLossAfthe Propertyiadama®od byline or other cestiaky beforedosing and cost orrestomtinn doesnot exceed 304 ofthe assessed valuation ofthe
<br />Property so damaged, costofrestoration shall bean obligation ofthe Seller and dosing shall proceed pursuant to the terms orchis Contras with restoration costa
<br />escrowed at dosing Ifthe cod of restoration exceeds 3% ofthe assessed valuation ofthe Property so damaged, Buyer shall have the option ofeither taking the
<br />Propertyasis, togetherwith eilherthe3%orany insurance proceeds payable by virtue ofsudhloss ordamage, orofvancelingfliis Contract andreceivingrdum
<br />ofthe deposh(s).
<br />P. Proceeds ofSalel dosing Procedure: The deed shall be recorded upon clearance offunds. Iran abstractoftitlehas been Rrmished, evidence ofthle shall be
<br />continued at Buyer's expense to show title in Buyer, without any oncumbranocs or dhangcwhieh would rend" Seller's title un marketable from the date ofthe last
<br />evidence. All dosingproeeedsshall beheld in escrow by Sella's attorney or other mutually amptable escrow agent for a period ofnot more than 5 days after dos-
<br />ingdatc. If Seller's title is rendered unmarketable, thtough no fault of Buyer, Bnyer shall, within the 5 -day period, n otify, Seller in %%Thingofthe defect and Seller
<br />shall haw 30 days from date of receipt ofsudh notification to cure the defect. ifSeller fails to timelycure the defed, all deposh(s) and dosing fun ds shall, upon
<br />written demand by Buyer and within 5 days after demand, beretumed to Buyer and, simultaneouslyvvith such repayment, Buyer shall return the personal Prop-
<br />erty, vacate the Real Property and reconvey the Propertyto Seller by special warranty decd and bill of sale. if Buyer fails to make timclydemand for refund, Buyer
<br />shall take title as is, waivinget rights against Seller asto any intervening defed except as maybe available to Buyer by virtue of warranties contained in the deed
<br />or bill ofsale. Ifa portion ofthe purchase price is to be derived from institutional fm an cin gorrefinancing requirements ofthe lendingin stitution as to place, time
<br />ofday and procedures for closing andfor disbursement ofmortgage proceeds sh all control over contraryprovision in th is Contract. Seller shall have the right to
<br />require from the lending institution a written commitment that it will not withhold disburseni mt of mortgage proceeds as a result of any title defed attributable to
<br />Buva-mortgagor. The escrow and closingproeedure required by this Standard shallbe waived ifthethle agent insures adverse matters pursuantto Section
<br />627.7841, F.S., as amended.
<br />Q.Estsow:Any escrow agent("Agent') receiving funds or equivalent is authorized and agrees byacceptance ofthemto deposit them promptly, hold samein
<br />ewow end, subjodto doermco, disburao themfn aanrdnnce with lcruw and unulitions nl'Ihis C'ontr:act. Failure orfim ds to dear sit all not cicuume lkiyer's perfor.
<br />manoo. Ifin doubt asto Agent's duties or liabilities under theprovisiong ofthis Contrad. Agent may. a[ Apont'soption. wntinueit) hold die subjedmatter ofthe
<br />escrow until the parties hereto agree to its disbursement or until a judgement Ora court ofoompetent jurisdiction sh all determine the riglits ofthe parties. or
<br />Agent may deposit same with the derk ofthe circuit court having jurisdiction ofthe dispute. t Ilion notifying all parties concerned ofsudh action, all liability on the
<br />part of Agent shall fullyterrninate, except to the extent ofaecounlingforany itanspreviouslydcliveredout ofescrow. ifaliomsedreal estate broker, Agentwili
<br />complywith provisions ofChapter 475, F.S., as amended. Any suit between Buyer and Seiler %%herein Agent is made a party because ofading as Agent hereunder,
<br />Orin any suitwherein Agent interpleads the subject matter ofthe escrow, Agent shall recover reasonable allomeys fees and costs incurred with these amountslo
<br />be paid from and out ofthe escrowed funds or equivalent and dharwdand awarded ascourt ooslsinfavor ofthe prevailing party. The Agent shall not beliabieto
<br />anypany or person for misdelivery to Buyer or Sellerofitems subjecttothe escrow, unless such misdelivery is due to willful breach ofth e provisions ofthis Con-
<br />tractor gross negligence ofAgent.
<br />R Attorney's Fees; Cbsb:ln my litigation, inducting breach, en forcement or interpretation, arising out of this Contract, the prevailingparty in such litigation,
<br />which, for purposes ofthis Standard, shall include Seller, Buyerand anybrokers ading in agencyor nonagency relationships authorized by Chapter475, F.S., as
<br />amended, shall beentitled to recover from the non prevailingpartyreasonable nuomeyzs fees, costs and expenses.
<br />S. Failure ofPerforlemce:IfBuyahilstoperform this Contract within the time spedfred,indudingpaymentofall deposits, thedeposil(s) paidbyBuyerand
<br />deposd(s)agreed to bepaid, maybe recovered and retained by and for the account of Seller as agreed upon liquidated damages, consideration for the execution of
<br />this Contrast and in full settlement ofany claims; whereupon, Buyer and Seller shall bereliewd ofall obligations under this Contras; or Seller, at Seller's option,
<br />may proceed in equ4yto enforce Seller's rights under this Contract. Iffor any reason other than failure ofSellar to mike Seller's title marketable after diligent
<br />effort, Seller fails, neglects orrefiases to perform this Contract, theBuyer may seek specifacperformancc or elect toreceive the returnof Buyer's deposit(s)
<br />without therebywaivingany action for damagesresuhingfrom Seller's breach.
<br />T. Contract Not Recordable; Persona Bound; Notice: Neither this Contract nor any notice of it Qi all be recorded in any publieraurdit. This Contras Al all hind
<br />and inure to the benefirt ofthe parties and their successors in interest, %Abenever the aintcl permits. sin6whir shall include p lurid tin done gender sh all includeail.
<br />Notice given by or to the attorney for any party shall be as effective as ifgivvn by or to that party.
<br />U. Clonveyamx: Seller shall convey the to the Real Propertyby statutory warranty, trustee's, personal representative's or guardian's deed, as appropriate to the
<br />status of Seller, subject onlyto matters contained in paragraph VII and those oth awise accepted by Buyer. Personal Property shall, at the request ofthe Buyer, be
<br />transferred by an absolute bill ofsale with warranty oftitle, subject onlyto such matters as may be otherwise provided for herein.
<br />V. Other Agreements: No prior or present agreements or representations shelf be bindin gupon Buyer or Seller unless included in this Contract. No modification
<br />to ordhange in this Contrad shall be valid orbihdingupon thepartiesunlcmin writing and executed bytheparty or parties intended to be bound by it.
<br />IV. Warranty: Seller warrants that there are no fads known to Seller materially affedin g the value ofthe Property which arc not readily observable by Buyer or
<br />Midi have not been disclosed to Buyer.
<br />The Florida Association ofReahors and local Board/ Association of Rcnitors nuke no rLTresenfhtion onto the legal validity or adequacy of
<br />anyprovision ofthis form in any specific transection. This standardimd form should not he used in complex transactions ur with extensive
<br />riders or additions This form is available for use by the entire real estate industry and is not intended to identify the user as a
<br />REALTOR(R). REAITOR(R) is a registered oadlective membersh ip mirk th at rmy be used only by teal estate licensees %%ho are members
<br />ofthe Nstiond Association of REALTORS(R) andwho subscribe to its Code ofiithicx. The copyriglttlaws ofthe United States (17U.S.
<br />Code)forbid the unauthorized reproduction ofblank forms by any mcans including faaimile or computerized forms.
<br />FAR/BARO 12/95 Copyright 1995, Florida Association ofReshors(R) P.O. Box72Nr25 Orlando, Florida 32u72.5Q25 All Rights Reiervrd Page 3of-3
<br />Thin form is licensed for use bylS&WAlister Publishing 301-W4355
<br />
|